CIO OPINION
In a Cybersecurity Insiders report , 78 % of respondents said traditional security solutions do not work for the cloud .
Chad Davis , Senior Solutions Marketing
Manager , F5
Why secure multicloud networking may be the solution for financial services
Legacy security solutions are struggling to keep up in the multicloud era , with 78 % respondents saying traditional security solutions do not work for the cloud . Financial services security teams need agile tools that work in any environment that help to simplify their user experience , says Chad Davis at F5 .
Financial services organisations , whether through mergers , partnerships , or account holder engagement requirements , find themselves at the forefront of adopting multicloud strategies . and API portfolios in a distributed environment is an increasing challenge for security teams . According to IBM ’ s Cost of a Data Breach report , the cost of a data breach is $ 5.9 million on average in financial services .
According to F5 ’ s State of Application Strategy , SOAS report , 71 % of financial services organisations have embraced multicloud approaches to meet their diverse needs , like a unique application resource requirement driving a specific hyperscaler choice . Unfortunately , the increased complexity that often comes with effectively managing multicloud environments can demand extra resources and attention .
To compound the situation , building and maintaining a consistent security posture across their application
Financial services institutions are also navigating the intricacies of contending with IT considerations for the evolving open finance ecosystems , with a recent Jack Henry study citing 90 % planning to embed fintechs into their digital banking platforms .
That adds up to many new third-party provider API connections to secure and maintain , including dataintensive aggregators , which regulators can be quick to fine when anti-money laundering , AML and know your customers , KYC standards are not upheld .
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